Neighborhood Intelligence, Inc. (NXH) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter of 2023 Overstock.com Incorporated Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位早安，感謝您撥冗等候。歡迎參加 Overstock.com Incorporated 2023 年第一季財報電話會議。（接線員指示）敬請注意，今日會議將進行錄音。

I would now like to hand the conference over to our speaker today, Lavesh Hemnani. Please go ahead.

現在我想將會議交給我們今天的講者 Lavesh Hemnani。請開始。

Thank you, operator. Good morning, and welcome to Overstock's First Quarter 2023 Earnings Conference Call. I'm Lavesh Hemnani, Head of Investor Relations. Joining me on the call today are CEO, Jonathan Johnson; and CFO, Adrianne Lee. President, Dave Nielsen, will be available for Q&A. Our slide presentation accompanying today's webcast has been posted to our Investor Relations website and is available to download.

謝謝，接線員。各位早安，歡迎參加 Overstock 2023 年第一季財報電話會議。我是投資人關係主管 Lavesh Hemnani。今天與我一同出席的有執行長 Jonathan Johnson，以及財務長 Adrianne Lee。總裁 Dave Nielsen 將出席問答環節。配合今日網路直播的簡報投影片已上傳至我們的投資人關係網站，並可供下載。

Next slide, please. Please review the important forward-looking statements disclosure on Slide 2 of today's presentation. The following discussion and our responses to your questions reflect management's views as of today, April 27, 2023, and may include forward-looking statements. Actual results could differ materially from such statements. Additional information about factors that could potentially impact our financial results is included in our Form 10-K for the year ended December 31, 2022, and in our subsequent filings with the SEC.

請切換到下一張投影片。請查閱今日簡報第 2 張投影片中的重要前瞻性聲明揭露。以下討論以及我們對各位提問的回覆，反映管理團隊截至今日（2023 年 4 月 27 日）的觀點，並可能包含前瞻性聲明。實際結果可能與該等聲明存在重大差異。關於可能影響我們財務結果之因素的更多資訊，載於我們截至 2022 年 12 月 31 日止年度的 Form 10-K，以及其後向 SEC 提交的文件中。

During this call, we'll discuss certain non-GAAP financial measures. The slides accompanying this webcast and our filings with the SEC contain important additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures. Following management's prepared remarks, we will open the call for questions. To ask a question, please use the registration link available under the Events section of our Investor Relations website.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。隨本次網路直播提供的投影片以及我們向 SEC 提交的文件，包含與這些非 GAAP 指標相關的重要補充揭露資訊，包括將這些指標與最可比的 GAAP 指標進行調節（reconciliation）。在管理層預先準備的發言結束後，我們將開放提問。若要提問，請使用我們投資人關係網站 Events（活動）區塊下提供的註冊連結。

Next slide, please. During today's call, we'll follow the agenda on Slide 3. With that, let me turn the call over to our CEO, Jonathan Johnson.

請切換到下一張投影片。在今天的電話會議中，我們將依照第 3 張投影片的議程進行。接下來，我把電話交給我們的執行長 Jonathan Johnson。

Thank you, Lavesh. Good morning, everyone. This morning, we reported our first quarter 2023 financial results with revenue in line with the expectations we shared with you in February. For the quarter, revenue declined to 29% year-over-year. On a home-only basis, revenue declined about 27% year-over-year, an improvement in trend.

謝謝你，Lavesh。各位早安。今天早上，我們公布了 2023 年第一季財務結果，營收符合我們在 2 月與各位分享的預期。本季營收年減 29%。若以僅家居（home-only）口徑計算，營收約年減 27%，趨勢有所改善。

We are encouraged by these results, particularly how we were able to improve results later in the quarter. And look forward to the key spring-summer selling season. I am pleased with the focus of the Overstock team as it has delivered another quarter of positive adjusted EBITDA, our 12th consecutive quarter of positive adjusted EBITDA.

我們對這些結果感到鼓舞，特別是我們在本季後段能夠改善表現，並期待春夏關鍵銷售旺季。我對 Overstock 團隊的專注感到滿意，因為我們再度交出正向的調整後 EBITDA，本季為連續第 12 季調整後 EBITDA 為正。

That's 3 full years of consistent positive performance. This is a testament to our asset-light business model and the team's disciplined operational approach. Adrianne will discuss these results in more detail later.

這代表連續 3 個完整年度維持穩定的正向表現。這證明了我們的輕資產商業模式，以及團隊嚴謹自律的營運作風。Adrianne 稍後將更詳細說明這些結果。

Next slide. We shared this slide last quarter. It highlights how we continue to expect 2023 to be a tale of 2 halves. This is a year of inventory rationalization for the industry, something that is taking longer than most expected. It is also a year of rebuilding for Overstock as we get back on track to retaking market share profitably.

下一張投影片。我們在上季分享過這張投影片。它強調我們仍預期 2023 年將呈現「上下半年兩樣情」。對整個產業而言，今年是庫存合理化的一年，而這個過程所花的時間比多數人預期更久。對 Overstock 而言，今年也是重建的一年，我們正回到正軌，以獲利方式重新奪回市占。

We remain confident in our ability to execute against our plan to turn around top line performance. As a result, we reiterate our current expectations for a better second half compared to the first half of 2023 in terms of both top and bottom line performance.

我們仍對依計畫執行、扭轉營收表現的能力充滿信心。因此，就 2023 年的營收與獲利表現而言，我們重申目前預期：下半年將優於上半年。

We continue to make meaningful strides in expanding depth and breadth of our home product assortment. More on this later. I will note, while recent volatility in the financial market certainly adds another wrinkle of macro concerns, neither Overstock nor any of the Medici Ventures portfolio companies were directly adversely impacted by the recent regional banking crisis.

我們持續在擴大家居產品組合的深度與廣度方面取得實質進展，稍後會再說明。我也要指出，雖然近期金融市場波動確實為總體環境增添了新的不確定性，但 Overstock 以及任何 Medici Ventures 投資組合公司，均未因近期區域性銀行危機而受到直接不利影響。

Overstock's healthy balance sheet places us in a strong position to navigate the various uncertain macro and industry conditions that exist. As we look out to the remainder of this year, it is not clear whether we will face additional headwinds from growing negative consumer sentiment or cutbacks in spending in our category from tighter liquidity or credit availability.

Overstock 健全的資產負債表，使我們具備強而有力的條件，得以因應各種不確定的總體與產業環境。展望今年剩餘時間，目前尚不清楚我們是否會因消費者情緒轉趨負面，或因流動性或信貸供給收緊而導致本品類支出縮減，而面臨額外逆風。

However, this uncertainty is not impacting our team's focus on improving our business performance. We continue to make progress on our strategic growth drivers and maintaining our focus on efficiency.

然而，這些不確定性並未影響團隊提升營運表現的專注度。我們持續在策略性成長驅動因素上取得進展，並維持對效率的重點關注。

Next slide. On this slide, we provide additional information on our home-only active customer base, which we report on a trailing 12-month basis. As a reminder, we fully exited non-home merchandising categories at the end of June 2022.

下一張投影片。本頁提供我們僅家居（home-only）活躍客戶基礎的補充資訊，我們以過去 12 個月（trailing 12-month）為基礎進行揭露。提醒各位，我們已於 2022 年 6 月底完全退出非家居商品類別。

While our strategic focus on home has caused some pain in the short term, we continue to believe it was and is the right decision for our future. On the left, we show our home-only active customer base over the last 4 years. This base peaked at about 8 million customers at the end of 2020 during the heights of the pandemic. The shift in consumer sentiment and consumer spending preferences over the last 2 years has resulted is a decline in our active customer base.

雖然我們聚焦家居的策略在短期內帶來一些陣痛，但我們仍相信這在過去與現在都是對未來正確的決策。左側顯示我們過去 4 年的僅家居活躍客戶基礎。該基礎在 2020 年底疫情高峰期間達到約 800 萬名客戶。過去兩年消費者情緒與支出偏好的轉變，導致我們的活躍客戶基礎下滑。

Importantly, even with this decline, we continue to track above pre-pandemic levels with about 4.8 million home-only active customers at the end of Q1. We have been able to attract new customers and retain many existing customers by executing on strategy to increase our presence in the large and fragmented furniture and home furnishings market.

重要的是，即使出現下滑，我們在第一季末仍約有 480 萬名僅家居活躍客戶，水準仍高於疫情前。我們透過執行策略、提升在規模龐大且高度分散的家具與家居裝飾市場中的能見度，成功吸引新客戶並留住許多既有客戶。

These efforts have been challenged by industry-wide limited consumer engagement and a demand within the home category. Even so, we are optimistic about the future. We believe our ongoing marketing campaign, growth in usage of the mobile app, enhanced loyalty efforts and increased product assortment that is growing faster than our internal plan, and better website experience should help us gain and retain more customers.

這些努力受到全產業消費者互動度有限，以及家居品類需求疲弱的挑戰。即便如此，我們對未來仍抱持樂觀。我們相信，持續進行的行銷活動、行動 App 使用率提升、加強的會員忠誠計畫、產品組合擴充（其成長速度快於我們內部計畫），以及更佳的網站體驗，將有助於我們獲取並留住更多客戶。

Chart on the right shows the sequential change in our trailing 12-month home-only active customer base. In the first quarter, we lost about 281,000 home-only customers on a net basis over the last 12 months. Well, it certainly did not feel good to talk about a declining customer base, I am encouraged that our losses have been moderating. We think we have the right strategies to put us back on a customer growth path sometime in the second half of the year.

右側圖表顯示我們過去 12 個月僅家居活躍客戶基礎的季對季變化。第一季，我們在過去 12 個月的淨基礎上約流失 281,000 名僅家居客戶。雖然談到客戶基礎下滑確實令人不快，但我很鼓舞的是，我們的流失幅度正在趨緩。我們認為我們具備正確的策略，能在今年下半年某個時間點讓客戶數重回成長軌道。

While we have seen a decline in the absolute number of active customers, we continue to see higher levels of spending for a home-only customer compared to a non-home customer. We see this as a stamp of approval on our purposeful exit of non-home categories.

雖然活躍客戶的絕對數量有所下降，但我們持續看到僅家居客戶的支出水準高於非家居客戶。我們將此視為對我們有意退出非家居類別決策的肯定。

Next slide. I'll now provide a quick update on the Medici Ventures Fund. Pelion Venture Partners, the general partner in our Medici Ventures fund, will be hosting the second annual Medici Ventures Day on May 31. Registration details are available on our Investor Relations website.

下一張投影片。接下來我將快速更新 Medici Ventures 基金的近況。作為我們 Medici Ventures 基金普通合夥人（general partner）的 Pelion Venture Partners，將於 5 月 31 日舉辦第二屆年度 Medici Ventures Day。報名資訊可於我們的投資人關係網站取得。

The event will feature interviews with the leaders of tZERO, GrainChain, Settlement and PeerNova. All these companies received additional capital investment from Overstock and/or the Medici Ventures fund within the last 18 months. Even in a challenged venture capital environment, these companies were able to access new capital and strengthen their teams. The event should provide helpful information on the markets in which these companies operate in their business models. As we do each quarter, I'll provide some fund updates.

本活動將包含對 tZERO、GrainChain、Settlement 與 PeerNova 領導團隊的訪談。這些公司在過去 18 個月內皆獲得 Overstock 和／或 Medici Ventures 基金的追加資本投資。即使在創投環境充滿挑戰之際，這些公司仍能取得新資金並強化團隊。該活動應能提供有助於了解這些公司所處市場與其商業模式的資訊。如同每一季，我也會提供一些基金更新。

First, some of our shareholders have asked that we provide clarity regarding the disclosure related to Medici Land Governance and the financial statement exhibits in our 2022 Form 10-K, which we filed in February. MLG had a financing round at the end of 2022, raising capital from a third-party investor. Neither Overstock nor the Medici Ventures Fund participated in this down route. This resulted in a reduction of the value of the funds holdings to about 2% of MLG.

首先，部分股東要求我們釐清與 Medici Land Governance 相關的揭露，以及我們於 2 月提交的 2022 年 Form 10-K 中的財務報表附表。MLG 於 2022 年底完成一輪融資，向第三方投資人募資。Overstock 與 Medici Ventures 基金均未參與此一降價輪（down round）。因此，基金持有的權益價值被稀釋，持股比例降至約 2%。

The impact of this is reflected in our Q1 2023 financials, but there was no impact to reported adjusted EBITDA or adjusted EPS.

其影響已反映於我們 2023 年第一季財務報表中，但對已揭露的調整後 EBITDA 或調整後 EPS 並無影響。

Second, FinClusive, a blockchain-based, Compliance as a Service provider, recently announced a partnership with Cross River Bank. At a time of increased volatility in the financial markets, this partnership emphasizes the importance of the work being done by FinClusive to promote safe and compliant access to financial services.

第二，FinClusive（以區塊鏈為基礎、提供「合規即服務」（Compliance as a Service）的供應商）近期宣布與 Cross River Bank 建立合作夥伴關係。在金融市場波動加劇之際，這項合作凸顯 FinClusive 所推動之工作的重要性，即促進安全且合規地取得金融服務。

Third, Bitt added 2 advisers, Bonnie Glick and Sean Cairncross to its leadership team as the company seeks to expand its digital currency management system offering to other markets. In my opinion, these advisory appointments and the 2022 addition of the CBDC team from Criteo, position them to capitalize on the research and rollout of digital currencies.

第三，隨著公司尋求將其數位貨幣管理系統的產品擴展至其他市場，Bitt 在其領導團隊中新增了兩位顧問 Bonnie Glick 與 Sean Cairncross。依我之見，這些顧問任命，以及 2022 年自 Criteo 加入的 CBDC 團隊，使他們得以把握數位貨幣研究與推行所帶來的機會。

Fourth, as we shared last quarter, in January, Overstock invested $10 million in GrainChain via a promissory note. The Medici Ventures fund also participated in this funding round. GrainChain provides a software suite to farmer cooperatives that enables farmers to get paid 60% of the value of the commodity upon harvest and the balance upon successful delivery to the end consumer -- and customer rather than the silo or the grain on there. The follow-on investment in GrainChain will enable Overstock and its shareholders to participate in the future success of the company.

第四，正如我們在上一季分享的，1 月 Overstock 透過本票投資 GrainChain 1,000 萬美元。Medici Ventures 基金亦參與了本輪融資。GrainChain 為農民合作社提供一套軟體工具，讓農民在收成時即可先領取商品價值的 60%，並在成功交付給終端消費者（也就是客戶，而非筒倉或其中的穀物）後再領取餘額。對 GrainChain 的後續投資將使 Overstock 及其股東得以參與該公司未來的成功。

Next slide. Now for a brief update on our recent corporate events. In March, the Board of Directors of Overstock appointed Joanna Burke as a new independent board member. Joanna currently serves as the Chief Information Security Officer at HP. She brings more than 25 years of experience in cybersecurity, information technology, data privacy and digital strategy.

下一張投影片。接著簡要更新我們近期的公司事件。3 月，Overstock 董事會任命 Joanna Burke 為新的獨立董事。Joanna 目前擔任 HP 的首席資訊安全長（CISO）。她在資安、資訊科技、資料隱私與數位策略方面擁有超過 25 年的經驗。

Her wealth of experience and unique cybersecurity skill set complement the skills and strength of the current Overstock Board members. With the addition of Joanna, the Overstock Board now has 8 members, 7 even of whom are independent. At the end of March, we filed proxy materials related to our annual meeting of shareholders. A copy of these materials is available on our Investor Relations website. This year, we will be holding the meeting virtually on May 18 and invite all our shareholders to participate.

她豐富的經驗與獨特的資安技能組合，補強了現有 Overstock 董事會成員的技能與優勢。隨著 Joanna 的加入，Overstock 董事會目前共有 8 名成員，其中 7 名為獨立董事。3 月底，我們提交了與年度股東大會相關的委託書資料。該等資料可於我們的投資人關係網站取得。今年我們將於 5 月 18 日以線上方式召開會議，並邀請所有股東參與。

Last week, we launched the next phase of our marketing campaign to improve our brand association with Home. This next step builds on the gift company commercials we launched last fall, where we communicated Overstock's transition to 100% home product online retailer. The new Your Home, Your Treasure commercial specifically focuses on Overstock's brand pillar of smart value, meaning quality on trend products for less.

上週，我們啟動了行銷活動的下一階段，以強化我們品牌與「家居（Home）」的連結。此下一步延續了我們去年秋天推出的禮品公司廣告，當時我們傳達 Overstock 已轉型為 100% 線上家居產品零售商。全新的「Your Home, Your Treasure」廣告則特別聚焦於 Overstock 的品牌支柱「Smart Value（聰明價值）」，意指以更少的價格提供高品質、符合潮流的產品。

Our Smart Value brand pillar is a differentiator in the marketplace. This new phase of our marketing campaign highlights the joys of finding perfect home furnishings or a piece of furniture at the best price online.

我們的「Smart Value」品牌支柱是市場上的差異化優勢。這一階段的行銷活動突顯了以最佳線上價格找到完美家居擺設或家具單品的喜悅。

Now I'll ask Adrianne to review our first quarter 2023 financial results. Adrianne?

接下來我請 Adrianne 檢視我們 2023 年第一季的財務結果。Adrianne？

Thank you, Jonathan. Slide 10, please. Revenue declined 29% year-over-year in the first quarter, mainly driven by continued pressure across the furniture and home furnishings industry, which is a combination of lower consumer engagement in the category and a weak housing market.

謝謝你，Jonathan。請看第 10 張投影片。第一季營收年減 29%，主要原因是家具與家居用品產業持續承壓，這是由於該品類的消費者參與度降低，以及疲弱的房市所共同造成。

Our gross margin performance was solid in the quarter and increased almost 20 basis points year-over-year as merchandising actions and operational efficiencies more than offset increased discounting in a highly competitive landscape.

本季毛利率表現穩健，年增近 20 個基點；在競爭激烈的環境下，儘管折扣力度加大，但商品策略行動與營運效率提升的效益仍綽綽有餘地抵銷了其影響。

All in for the quarter, we managed to deliver positive adjusted EBITDA of $3 million and generated free cash flow. Our reported EPS loss of $0.23 was primarily driven by operating losses and a noncash nonoperating expense associated with the change in value of our equity securities and the associated tax impact.

整體而言，本季我們成功交出 300 萬美元的正向調整後 EBITDA，並產生自由現金流。我們公告的每股盈餘（EPS）虧損 0.23 美元，主要由營運虧損，以及與我們持有的股權證券價值變動及其相關稅務影響所致的非現金、非營運費用所驅動。

The change in the value of our equity securities reflects our proportionate share of the Medici Venture Fund performance driven by an updated valuation of the Medici Land Governance investment.

股權證券價值的變動，反映了我們按比例分攤的 Medici Venture Fund 表現，其主要來自對 Medici Land Governance 投資的最新估值調整。

Excluding the impact of our equity securities, we reported adjusted diluted loss per share of $0.10, a decrease of $0.31 versus 2022.

若排除股權證券的影響，我們的調整後稀釋每股虧損為 0.10 美元，較 2022 年減少 0.31 美元。

Our balance sheet remains strong. We ended the quarter with a cash balance of $375 million, a slight increase from the fourth quarter. Our Q1 ending cash balance includes the $10 million outflow of cash related to our direct investment in GrainChain.

我們的資產負債表仍然強勁。本季末現金餘額為 3.75 億美元，較第四季小幅增加。我們第一季期末現金餘額包含與我們直接投資 GrainChain 相關的 1,000 萬美元現金流出。

Next slide. We posted revenue of $381 million in the first quarter, a decrease of 29% year-over-year. As I mentioned, the consumer continues to prioritize service-related and need-based spending, putting pressure on demand for discretionary home goods. Adjusting for non-home revenue, our home-only revenue declined 27% year-over-year in the first quarter. Performance improved each month in the quarter, with a more meaningful improvement in March as our revenue decline moderated to the low 20% range year-over-year compared to the negative 30-plus percent range we shared with you in February.

下一張投影片。第一季營收為 3.81 億美元，年減 29%。如我所提，消費者仍優先將支出用於服務類與必需性消費，對非必需的家居商品需求造成壓力。若調整非家居營收，我們僅家居（home-only）營收在第一季年減 27%。本季每個月的表現皆逐月改善，3 月改善更為明顯；相較於我們 2 月與各位分享的年減 30% 以上區間，3 月的營收降幅收斂至年減 20% 出頭。

Revenue performance was driven by fewer orders and a relatively flat average order value compared to last year. I will discuss our key customer metrics in further detail later.

營收表現主要受訂單數減少所影響，而平均訂單金額與去年相比大致持平。我稍後將更詳細說明我們的關鍵客戶指標。

Next slide. Gross profit was $90 million in the first quarter, a decrease of $35 million versus the prior year. Gross margin came in at 23.5%, an 18 basis point increase versus the same period last year.

下一張投影片。第一季毛利為 9,000 萬美元，較去年同期減少 3,500 萬美元。毛利率為 23.5%，較去年同期增加 18 個基點。

The year-over-year increase was driven by merchandising actions and operational improvements, partially offset by higher discounting compared to 2022. We continue to believe that the annual 22%-ish range is the right range for us for a few reasons. It enables us to gain market share as the category continues to migrate online.

年增主要由商品策略行動與營運改善所帶動，但部分被較 2022 年更高的折扣力度所抵銷。我們仍認為全年約 22% 左右的區間對我們而言是合適的，原因有幾點：這使我們能在該品類持續向線上遷移的過程中取得市占。

We are yet to recognize our seasonal cadence of a home-only online retailer and consumer spending in the category is not at a state of normality.

我們尚未完全呈現作為純線上家居零售商的季節性節奏，而且該品類的消費支出仍未回到常態。

Our gross margin performance is a positive proof point of our asset-light model. We maintained our competitive pricing KPIs, offering quality and sale for less and delivered gross margin in line with our targeted operating model.

我們的毛利率表現是資產輕量化模式的正面佐證。我們維持具競爭力的定價 KPI，以更少的價格提供優質與促銷商品，並交出符合我們目標營運模式的毛利率。

Next slide. G&A and tech expenses decreased $3 million year-over-year, which includes savings related to our organizational review in 2022 and benefits from efficiencies and automation, partially offset by higher stock-based compensation. As a percentage of revenue, G&A and tech expense was 13.4% in the first quarter, a deleverage of over 300 basis points compared to the first quarter of 2022 due to weak top line results.

下一張投影片。一般及行政（G&A）與技術費用年減 300 萬美元，其中包含我們 2022 年組織檢視所帶來的節省，以及效率提升與自動化的效益；但部分被較高的股票基礎薪酬所抵銷。以營收百分比計，第一季 G&A 與技術費用為 13.4%，相較 2022 年第一季因營收疲弱而出現超過 300 個基點的槓桿惡化。

We are disciplined in managing our expenses and consistently finding efficiencies across the organization, even while compensation-related pressures persist. On average, our business runs at around $50 million in fixed G&A and tech costs per quarter. That said, we are always looking for efficiencies to match our expense structure with our top line performance.

即使薪酬相關壓力仍在，我們在費用管理上保持紀律，並持續在組織各處尋找效率提升。平均而言，我們的業務每季約有 5,000 萬美元的固定 G&A 與技術成本。儘管如此，我們仍持續尋求效率，以使費用結構與營收表現相匹配。

Next slide, please. In the first quarter, we delivered adjusted EBITDA of $3 million, a decrease of $18 million versus a year ago. We continue to manage factors within our control to help offset category headwinds and competitive pressures. We remain focused on managing our business profitably and pursuing strategies that will drive market share gains and shareholder value.

請看下一張投影片。第一季我們的調整後 EBITDA 為 300 萬美元，較一年前減少 1,800 萬美元。我們持續管理可控因素，以協助抵銷品類逆風與競爭壓力。我們仍專注於以獲利方式經營業務，並推動能帶來市占提升與股東價值的策略。

Next slide. This slide shows active customers and order frequency. We measure active customers on a trailing 12-month basis. Our active customer base declined to $4.8 million at the end of the first quarter. This decline in active customers is driven by 2 key factors: first, a deceleration in spending on home-related goods, including a shift in spending preferences as consumers continue to spend on experiences and services; and second, our purposeful shift to transform into a 100% online home retailer.

下一張投影片。本頁顯示活躍客戶數與下單頻率。我們以過去 12 個月（TTM）為基礎衡量活躍客戶。第一季末活躍客戶基礎下降至 480 萬。活躍客戶下滑由兩個關鍵因素所致：第一，家居相關商品支出放緩，包括消費者持續將支出偏好轉向體驗與服務；第二，我們有意識地轉型為 100% 線上家居零售商。

Orders per active customer were 1.57 in the first quarter, a decrease of about 6% versus last year and a decrease sequentially. Order frequency continues to hold up relatively better compared to our decline in active customers. We expect that over time, improving our brand association with home, including increasing home assortment, growing mobile app usage and enhanced loyalty offerings will help improve this metric.

第一季每位活躍客戶的訂單數為 1.57，較去年下降約 6%，且較前一季下降。相較於活躍客戶的下滑，下單頻率的表現仍相對更具韌性。我們預期隨時間推進，強化品牌與家居的連結（包括擴大家居品類選擇、提升行動 App 使用率，以及更完善的忠誠度方案）將有助於改善此指標。

Next slide. Average order value was relatively flat year-over-year at $220. AOV improved slightly compared to Q4 as we shifted out of a more giftable assortment into patio furniture and home decor. We have seen some evidence of trade down across our primary categories and signs of deflation in product costs. To support our Smart Value brand pillar, we continue to offer compelling value to our customers and passed on cost reductions. Our competitive pricing continues to align with our internal KPIs even as we navigate a highly promotional environment.

下一張投影片。平均訂單金額（AOV）年比大致持平，為 220 美元。相較第四季，隨著我們從較偏禮品的品類組合轉向庭院家具與家居裝飾，AOV 略有改善。我們在主要品類中看到一些消費降級（trade down）的跡象，以及產品成本通縮的訊號。為支持我們的「Smart Value」品牌支柱，我們持續為客戶提供具吸引力的價值，並將成本下降反映給客戶。即使在高度促銷的環境中，我們的競爭性定價仍與內部 KPI 保持一致。

Orders delivered were 7.5 million for the trailing 12-month period. This is a decrease of 39% compared to the prior year or 4.8 million orders. As I discussed earlier, the decline was primarily driven by weak consumer sentiment and a shift in their spending priorities, along with the cumulative impact of non-home product removals from our site. Our AOV and revenue per active customer metrics continue to support our future of being a home-only online retailer.

過去12個月期間的已交付訂單為750萬筆。相較於前一年（480萬筆訂單）下降了39%。如我先前所述，這一下滑主要是由於消費者信心疲弱與其支出優先順序轉移所致，並且也受到我們網站移除非居家產品所帶來的累積影響。我們的AOV（平均訂單金額）與每位活躍客戶營收等指標，持續支持我們作為純居家線上零售商的未來方向。

Next slide, please. This slide provides a recasted view of our business, excluding non-home revenue, which allows for a more direct comparison to our peers. As you can see on the chart on the left, at the end of the first quarter, our comparable home-related active customer base declined 29% versus the reported 35%.

下一張投影片，謝謝。本頁提供我們業務的重述（recasted）視角，排除非居家營收，使我們能與同業進行更直接的比較。如左側圖表所示，截至第一季末，我們可比的居家相關活躍客戶基礎下降29%，相較於報表口徑的35%降幅。

The chart on the right illustrates that our comparables home-only revenue declined 27% year-over-year versus the reported 29%. On a sequential basis, the impact of the non-home category removal has moderated as we near the completion of lapping all non-home sales over the last 12 months.

右側圖表顯示，我們可比的純居家營收年減27%，相較於報表口徑的29%。以季比來看，隨著我們接近完成對過去12個月所有非居家銷售的比較基期（lapping），移除非居家品類所造成的影響已趨於緩和。

Next slide, please. I will wrap up my financial discussion highlighting our strong balance sheet and minimal debt obligations, each of which continues to be a highlight and differentiator for Overstock. Our strong balance sheet gives us the opportunity to focus on executing against our key growth drivers and being opportunistic on capital deployment.

下一張投影片，謝謝。我將以強勁的資產負債表與極低的債務義務作為財務討論的總結，這兩點持續是Overstock的亮點與市場差異化優勢。我們強健的資產負債表讓我們能專注於執行關鍵成長驅動因素，並在資本配置上把握機會。

It's important to note that our cash balance increased quarter-over-quarter even after directly investing $10 million in GrainChain, an investment that we believe has promise of a healthy return. We generated positive free cash flow in the quarter, maintained a laser focus on expense management and realized operational efficiencies while slightly improving our top line trend. All of this enabled us to maintain a solid balance sheet, weather uncertain market conditions and invest for market share growth.

值得注意的是，即使我們直接投資1,000萬美元於GrainChain（我們相信該投資有望帶來良好回報），我們的現金餘額仍較上季增加。本季我們產生正向自由現金流，持續高度聚焦費用管理並實現營運效率，同時略為改善營收趨勢。這些因素使我們得以維持穩健的資產負債表、度過不確定的市場環境，並投資以提升市占率成長。

With that, back to you, Jonathan.

接下來交還給你，Jonathan。

Thank you, Adrianne. And thank you for protecting our strong balance sheet, a real differentiator in the market.

謝謝你，Adrianne。也謝謝你守護我們強健的資產負債表，這是市場上真正的差異化優勢。

Next slide. Next, I'll provide some updates on how we are making progress on our strategies to return to gaining market share.

下一張投影片。接下來，我將更新我們在推進策略、重回市占率成長方面的進展。

Next slide. We regularly share this flywheel both internally and externally as it outlines our key drivers to deliver growth and helps us maintain focus on what matters most, those efforts that are critical to both our short- and long-term goals.

下一張投影片。我們會在內部與外部定期分享這個飛輪（flywheel），因為它概述了我們推動成長的關鍵驅動因素，並幫助我們聚焦於最重要的事項——那些對我們短期與長期目標都至關重要的工作。

While these growth drivers are not new, we are always assessing and evolving their underpinnings to improve performance. As I've noted before, none of these growth drivers is particularly capital intensive. Importantly, all of them fits squarely within our asset-light mindset.

雖然這些成長驅動因素並非新事物，但我們持續評估並演進其底層作法以提升表現。正如我先前提到的，這些成長驅動因素都不特別需要大量資本投入。重要的是，它們全都完全符合我們的輕資產（asset-light）思維。

They help us increase order frequency, retain and attract customers and gain market share. These are the right growth strategies for us. We are confident we have the right processes and the right people in key positions to lead our growth initiatives. These drivers focus us on being disciplined stewards of our healthy balance sheet and delivering and growing positive adjusted EBITDA.

它們幫助我們提高下單頻率、留住並吸引客戶、以及提升市占率。這些是適合我們的正確成長策略。我們有信心在關鍵職位上具備正確的流程與人才來領導成長計畫。這些驅動因素也讓我們專注於以紀律管理我們健康的資產負債表，並交付與擴大正向的調整後EBITDA。

Next slide. As I noted, while our growth drivers have not changed, we are routinely assessing and deploying new tactics to improve our performance. Tactics are guided by our 3 brand pillars: product findability, smart value, and easy delivery and support, each of which are an integral element and differentiator of Overstock's business.

下一張投影片。如我所述，雖然我們的成長驅動因素沒有改變，但我們會例行性地評估並部署新戰術以改善表現。戰術由我們的三大品牌支柱所引導：產品可尋性（product findability）、聰明價值（smart value）、以及輕鬆配送與支援（easy delivery and support）；每一項都是Overstock業務的重要要素與差異化優勢。

Today, I'll share some color on recent wins, starting with loyalty offerings. Following the completion of our transition to a 100% home online retailer last year, we have been focusing our efforts on enhancing our loyalty offerings. In the current environment, where the customer is less engaged in the overall home category, we need to ensure that our loyalty programs are compelling enough to attract new customers to our site by providing such benefits of special finance offerings or exciting in-app deals and exclusives.

今天我將分享近期的一些成果，先從會員忠誠（loyalty）方案談起。去年完成轉型為100%純居家線上零售商後，我們一直專注於強化忠誠方案。在目前環境下，客戶對整體居家品類的參與度較低，我們必須確保忠誠計畫足夠有吸引力，能透過例如特殊融資方案或令人興奮的App內優惠與獨家內容等福利，吸引新客戶造訪我們的網站。

Our newly launched co-branded credit card with Citi Retail Services is progressing well. It has been just over 2 months since the launch and the number of sales from these card owners is still small, but sign-ups have been as we generally expected and order values and conversion rates are higher than the company average.

我們與Citi Retail Services新推出的聯名信用卡進展良好。自推出以來已略超過2個月，這些持卡人帶來的銷售額仍不大，但申辦數量大致符合我們的預期，且訂單金額與轉換率高於公司平均。

We continue to believe these co-branded cards will help us to better market directly to these cardholders and personalize our offerings to that, something we've done particularly well in the past. As a next step in our loyalty efforts, we will be refreshing our private label store card later this year.

我們仍相信這些聯名卡將幫助我們更有效地直接行銷給持卡人，並據此個人化我們的產品與優惠——這是我們過去特別擅長的。作為忠誠策略的下一步，我們將在今年稍晚更新我們的自有品牌店卡（private label store card）。

Combination of these 2 cards, our Club O program, and strong engagement through the mobile app, should help Overstock attract new customers and win repeat business more quickly.

這兩張卡、我們的Club O計畫，以及透過行動App的高度互動，合在一起應能幫助Overstock吸引新客戶，並更快贏得回購業務。

On the important topic of SKU expansion, during the first quarter, we expanded our home product assortment by nearly 20%. This SKU growth is ahead of our internal plan and comes on the heels of doubling our home assortment over the past 2 years. While we continue to grow the depth and breadth of our product assortment, we are still well below some of our competitors.

在SKU擴充這個重要議題上，第一季我們將居家產品品項擴增了近20%。這項SKU成長超前我們的內部計畫，且是在過去兩年我們已將居家品項倍增之後的延續。雖然我們持續增加產品組合的深度與廣度，但相較部分競爭對手，我們仍明顯偏低。

We know we have work to do and we are doing that work. Our merchandising organization is focused on expanding the breadth of SKUs across the good-better-best spectrum always adhering to our smart value brand pillar.

我們知道還有很多工作要做，而我們正在做。我們的商品團隊專注於在「好－更好－最好」（good-better-best）光譜上擴大SKU的廣度，同時始終遵循我們「聰明價值」的品牌支柱。

As an example, within our rugs business, we have great relations with our partners and always have access to new and exciting products. However, as we have seen increased demand from the home customer for additional differentiated options, we see a growth opportunity to expand our rug assortment.

例如在地毯（rugs）業務方面，我們與合作夥伴關係良好，並且總能取得新穎且令人興奮的產品。然而，隨著我們看到居家客戶對更多差異化選擇的需求增加，我們認為擴大地毯品項是一個成長機會。

We expect to see more new products available during the second half of 2023 as our partners redeploy cash that has been stuck in the industry-wide inventory glut. We have also been improving our post-purchase customer experience.

隨著合作夥伴重新部署因全產業庫存過剩而被卡住的現金，我們預期在2023年下半年會有更多新品上架。我們也一直在改善購後客戶體驗。

Last year, we talked about how we are diversifying our freight carrier network. This has contributed to an improvement in our less than truckload, or LTL, delivery time lines, easing what can sometimes be a pain point for our customers and negatively impact our NPS scores.

去年我們談到正在多元化我們的貨運承運商網路。這有助於改善我們的零擔運輸（less than truckload，LTL）配送時程，緩解有時會成為客戶痛點、並對我們NPS分數造成負面影響的問題。

We've made significant progress in improving delivery times during the first quarter of 2023. Our customers are now receiving LTL shipments days faster. We also continue to make improvements in delivery times for our small parcel deliveries and have done so without investing in expensive logistics infrastructure.

在2023年第一季，我們在改善配送時間方面取得顯著進展。我們的客戶現在收到LTL貨件的速度快了好幾天。我們也持續改善小包裹配送的時效，而且是在未投資昂貴物流基礎設施的情況下達成。

Another key delivery metric that has improved is our accuracy of delivery time messaging or the estimated delivery date shown when a customer places an order. Our on-time accuracy improved nearly 500 basis points in Q1 compared to Q4. It is important that our customers receive their products on the estimated delivery date, not a day earlier, not a day later. And that is happening more often. You can see that the entire Overstock team is focused on our brand pillars and growth first.

另一項改善的關鍵配送指標，是我們配送時間訊息的準確度，也就是客戶下單時顯示的預計送達日期。我們的準時準確率在第一季相較第四季提升了近500個基點。重要的是，客戶應在預計送達日收到產品——不早一天，也不晚一天。而這種情況正更常發生。你可以看到整個Overstock團隊都聚焦於我們的品牌支柱，並以成長為先。

Next slide. We continue to direct all our efforts to get back to delivering sustainable, profitable market share growth within our financial recipe card. We have clear and focused strategies to deliver performance in line with these targets. This financial framework is the right operating model for us in the medium to long term. While achieving these metrics continues to remain difficult in 2023, I am encouraged that we performed in line with our gross margin and free cash flow targets during the first quarter.

下一張投影片。我們持續將所有努力導向：在我們的財務配方卡（financial recipe card）框架內，回到可持續、具獲利性的市占率成長。我們有清晰且聚焦的策略，以交付符合這些目標的表現。這個財務框架是我們中長期適用的正確營運模式。雖然在2023年達成這些指標仍然困難，但我很受鼓舞的是，我們在第一季的毛利率與自由現金流表現符合目標。

Before we take your questions, I will provide some color on quarter-to-date trends and our expectations for Q2 and beyond. As I indicated previously, we saw an improvement in our revenue trend in late Q1, which improved to the negative low 20s in March. This negative low 20s performance has continued into April thus far. We are being cautious in our expectations for the rest of the quarter with a big portion of the spring-summer sales still ahead of us.

在進入問答之前，我將補充一些本季迄今（quarter-to-date）的趨勢，以及我們對第二季及之後的預期。如我先前所示，我們在第一季末看到營收趨勢改善，3月改善至年減低20%區間。到目前為止，4月也延續了這個年減低20%區間的表現。對於本季剩餘時間，我們在預期上保持審慎，因為春夏促銷仍有很大一部分尚未到來。

While I'm hopeful for continued improving trends, it's just too early to know how the quarter will go. There remains uncertainty around consumer spending. Housing market remains under pressure. Consumers continue to allocate dollars to services such as travel and recreation.

雖然我希望趨勢能持續改善，但現在判斷本季走勢仍為時過早。消費支出仍存在不確定性。房市仍承受壓力。消費者持續將支出分配到旅遊與休閒等服務項目。

As a result, the demand environment for discretionary home-related purchases remains unpredictable. For one more quarter, we are still comparing against non-home sales, which impacts our year-over-year revenue trend.

因此，非必需的居家相關購買需求環境仍難以預測。再多一個季度，我們仍在與非居家銷售進行比較，這會影響我們的年對年營收趨勢。

Regarding profitability, we expect to deliver positive adjusted EBITDA for Q2. As I indicated previously, getting back to our mid-single-digit adjusted EBITDA margin goal is going to be difficult this year. However, we want to reiterate that we expect to deliver positive adjusted EBITDA for the quarter and the year. Our ability to live by our profitability tenet, and our strong balance sheet differentiate us among peers. This will continue in 2023.

就獲利能力而言，我們預期在第二季實現正向的調整後 EBITDA。如我先前所指出，今年要回到我們「調整後 EBITDA 利潤率達到中個位數」的目標將會很困難。然而，我們想再次強調，我們預期本季以及全年都能交出正向的調整後 EBITDA。我們能夠堅守獲利原則，以及我們強健的資產負債表，使我們在同業中脫穎而出。這一點在 2023 年也將持續。

Now operator, let's take some questions.

現在，接線員，讓我們開始提問。

(Operator Instructions) Our first question comes in from the line of Thomas Forte of DA Davidson. Please go ahead.

（接線員指示）我們的第一個問題來自 DA Davidson 的 Thomas Forte。請開始。

So Jonathan, it's been more than 1 year now since David Goone became CEO of tZERO. When can investors expect additional details on the strategy for leading tZERO? And then in addition, how should investors think about the current competitive environment for tZERO given some of the challenges large players are facing right now, such as one that's involved in a lawsuit with the SEC?

Jonathan，自從 David Goone 成為 tZERO 的執行長以來，現在已經超過 1 年了。投資人何時能期待看到更多關於帶領 tZERO 的策略細節？另外，鑑於目前一些大型業者正面臨挑戰，例如有一家正捲入與 SEC 的訴訟，投資人應該如何看待 tZERO 當前的競爭環境？

Tom, thank you. I appreciate that question. The closing of the ICE, investment round was a material event for tZERO. This capital infusion certainly helps -- should help tZERO pursue strategies to accelerate growth. tZERO recently sharpened its focus with the closure of crypto trading to help companies and investors raise and trade capital in primary and secondary markets.

Tom，謝謝你。我很感謝這個問題。ICE 的投資輪完成交割，對 tZERO 來說是一個重大事件。這筆資金挹注確實有助於——也應該能幫助 tZERO 推動策略以加速成長。tZERO 最近透過關閉加密貨幣交易來更聚焦，目標是協助企業與投資人於初級與次級市場募集與交易資本。

Now to your question about when to expect future updates, it's difficult for us to put a time line since Overstock is not involved in the day-to-day operations. To the extent we can, Overstock does provide updates on tZERO and the other companies in the Medici portfolio -- Medici Ventures portfolio. And I would encourage you and everyone else to tune in to the upcoming Medici Ventures Day on May 31 for additional insights into tZERO and the other participating companies. You can also submit questions related to tZERO or anyone else participating in the event by going to our investor website.

至於你問何時會有後續更新，由於 Overstock 並未參與日常營運，我們很難給出時間表。在我們力所能及的範圍內，Overstock 會就 tZERO 以及 Medici 投資組合——Medici Ventures 投資組合中的其他公司提供更新。我也鼓勵你以及所有人收看 5 月 31 日即將舉行的 Medici Ventures Day，以獲得關於 tZERO 與其他參與公司的更多洞見。你也可以透過我們的投資人網站提交與 tZERO 或其他活動參與者相關的問題。

And I know one other thing, Tom, a lot of people in this space have been, I think, selling what they don't have. David Goone is a trusted operator. He will report on what he's delivered rather than on what he hopes to deliver in an industry full of likes of FTX and [SBF], we're glad to have someone who's going to say what he's done rather than promise something that may or may not get done.

另外我還想補充一點，Tom，我認為這個領域裡很多人一直在賣他們其實沒有的東西。David Goone 是值得信賴的經營者。他會報告他已經交付的成果，而不是他希望交付的成果。在一個充斥著像 FTX 和 [SBF] 這類案例的產業裡，我們很高興有一位會說他做到了什麼，而不是承諾一些可能做得到、也可能做不到的事情的人。

Our next question comes from the line of Steven Forbes of Guggenheim Securities.

下一個問題來自 Guggenheim Securities 的 Steven Forbes。

Jonathan, I wanted to start with the new marketing campaign. So curious if you can expand on how the customer is responding over the recent weeks, right, especially just given the state of promotional activity in the marketplace today? I would love any color on engagement trends.

Jonathan，我想先從新的行銷活動談起。想請你進一步說明，過去幾週客戶的反應如何？尤其考量到目前市場上的促銷活動狀況。我也很想聽聽你對互動（engagement）趨勢的任何補充說明。

I'll start and I'll look to Dave to add more explanation. The market right now is frothy with people spending what I would say is from, time to time, irrationally.

我先說，然後也請 Dave 補充更多說明。現在市場有點浮躁，大家花錢的方式，我會說，有時候是不理性的。

We've seen that most recently, some of our competitors will spike up marketing spend in a way that just seems -- well, it doesn't fit our can of making money, I'll just say it that way. It doesn't fit our can of making money.

我們最近看到，有些競爭對手會把行銷支出拉高到一個看起來——嗯，這不符合我們賺錢的方式，我就這麼說吧。這不符合我們賺錢的方式。

We are spending our marketing dollars judiciously on our rebranding spend. Sure, we could spend more and get in front of more people, but to do so and make money is hard. Dave, I think we're -- the market is responding relatively well to first to Get Comfy, and of course, the new treasure -- Your Home, Your Treasure is very, very new. It's hard to have a read on that. What would you say, Dave? You are on mute, Dave. We're still in the pandemic.

我們在品牌重塑的支出上，會審慎地使用行銷預算。當然，我們可以花更多錢、觸及更多人，但要在那樣做的同時還能賺錢很難。Dave，我認為——市場對先前的 Get Comfy 反應相對不錯；而新的主題——Your Home, Your Treasure 還非常、非常新，很難判讀。你怎麼看，Dave？Dave，你靜音了。畢竟我們還在疫情期間。

The information we received, it's always difficult with television and with the commercials in general. But when you get to YouTube, where you can get some actual click data, it's really interesting to see in the click data from Get Comfy, we over-indexed in the performance on this commercial.

我們收到的資訊是——電視以及廣告整體而言一直都很難衡量。但到了 YouTube，你可以取得實際的點擊數據，就很有意思。從 Get Comfy 的點擊數據來看，我們在這支廣告的表現上明顯超出平均水準。

It resonated with the customers. We're only a weekend on Your Home, Your Treasure. But we like what we see. It's from the same group that developed Get Comfy with our creative team. We're optimistic. There's some catchiness to it that we think will help really focus on our smart value customer.

它引起了客戶共鳴。Your Home, Your Treasure 我們才剛上線一個週末，但我們喜歡目前看到的結果。它是由同一個團隊、與我們的創意團隊一起打造的 Get Comfy 的那個團隊製作的。我們很樂觀。我們覺得它有一定的記憶點，能幫助我們更聚焦於我們的「聰明價值型」客群。

Thanks, Dave. And Steven, thanks for the question.

謝謝你，Dave。Steven，也謝謝你的提問。

Sure. And just a quick follow-up. You mentioned the 20% assortment expansion during the quarter. Curious if you can comment on whether you saw sort of an immediate impact or whether you expect to see one over the coming weeks here on the back of that assortment expansion. And then if you could just comment on how the assortment is expected to evolve throughout the remainder of 2023?

好的。再追問一個簡短問題。你提到本季品類（assortment）擴充了 20%。想請問你是否看到立即性的影響，或是你預期在接下來幾週會看到因為這次品類擴充而帶來的影響？另外，也請你談談在 2023 年剩餘期間，品類預期會如何演進？

Sure. How will it evolve the remainder of 2023, we'll continue to expand breadth and depth. I do think there was opportunity in Q4 as we expanded into small appliances with one of our competitors who were on the ropes and many of its suppliers were eager to expand their distribution channel and Overstock was a good partner there.

好的。至於 2023 年剩餘時間會如何演進，我們會持續擴大廣度與深度。我確實認為在第四季有機會，因為我們擴展到小家電領域，當時我們的一位競爭對手正陷入困境，而其許多供應商都急於擴大其分銷通路，Overstock 在那裡是一個很好的合作夥伴。

That will continue and on the rocks and (inaudible). So we see continued opportunity there. Dave, I know you were at a High Point market this weekend and earlier this week. Anything you want to add to this?

這種情況會持續，而且也會在（inaudible）以及（inaudible）中延續。所以我們看到那裡仍有持續的機會。Dave，我知道你這個週末和本週稍早去了 High Point 市場。你有什麼想補充的嗎？

Just that we're seeing the product additions. These partners of ours in our asset-light model, while they have been strapped, as Jonathan mentioned, with the inventory glut, their cash being tied up in their current inventory assortment, they are product generating, product creation powerhouses and all of our partner base are looking for ways to innovate, adjust to the cost pressures and many different things going on. And altering packaging and the way things are shipped to cut costs.

我只想說，我們確實看到產品持續新增。在我們的輕資產（asset-light）模式下，這些合作夥伴雖然如 Jonathan 所提到的，受到庫存過剩的影響，現金被綁在目前的庫存品項上，但他們在產品生成、產品創造方面是強大的引擎。我們所有的合作夥伴都在尋找創新方式、調整以因應成本壓力，以及許多正在發生的不同事情；也在改變包裝與出貨方式來降低成本。

So there's a lot of different ways to innovate and add new products that our partners are very involved in and our merchandising teams are very involved in that with those partners.

因此有很多不同的方法可以創新並新增產品，而我們的合作夥伴非常投入，我們的商品團隊也與這些合作夥伴密切參與其中。

And those ways will always include and are particularly focused right now on good, better best. We're in the right categories. It's just expanding the offering in that way. I'll also tell you, Steven, our partners like that we treat them as partners. We're not there to squeeze them.

而這些方式一向都會包含、且目前特別聚焦在「好、更好、最好」（good, better, best）的分層。我們在正確的品類裡，接下來就是以這種方式擴大供給。我也想告訴你，Steven，我們的合作夥伴喜歡我們把他們當作合作夥伴對待。我們不是來擠壓他們的。

I mean, yes, we always want the best price. There's some of that back and forth as there is in any business. But we pay them quickly. We're not in the business of disintermediating them and treating them unfairly. We win, our customers win, and they win. This is a 3-leg tripod where everyone wins. And our partners get that. And it's why we're -- it's why we think we're growing our breadth and depth of SKUs faster than our plan. And by the way, it wasn't a sandbagging plan, it was a push-to-grow plan.

我的意思是，沒錯，我們總是想要最好的價格。任何生意都會有一些來回協商。但我們付款很快。我們不做去中介化（disintermediate）他們、或不公平對待他們的事。我們贏、客戶贏、他們也贏。這是一個三腳架，大家都能贏。我們的合作夥伴理解這一點。這也是為什麼——我們認為我們的 SKU 廣度與深度成長速度快於原先計畫。順帶一提，那個計畫不是保守（sandbagging）的計畫，而是一個積極推動成長的計畫。

And our next question comes from the line of Seth Sigman of Barclays.

下一個問題來自 Barclays 的 Seth Sigman。

Great. My question is really around the improvement that you saw throughout the quarter. It does seem contrary to what other companies have been discussing. Can you just comment on that? Do you think it's more specific to Overstock, maybe something you're doing with discounting or marketing? Or do you think it reflects, I guess, a broader stabilization or improvement in consumer demand? And then I have one follow-up.

很好。我的問題主要是關於你們在本季看到的改善。這看起來與其他公司所談到的情況相反。你能否評論一下？你認為這比較是 Overstock 特有的因素，例如你們在折扣或行銷上做了什麼？還是你認為這反映了更廣泛的消費需求趨於穩定或改善？另外我還有一個追問。

Yes. I'll comment, and I'd love to get Dave's thoughts on this one, too. I don't think our improvement represents a broader stabilization of consumer demand. I think the customer -- the consumer is still under tremendous pressure, and has become very much a savvy shopper, a smart value seeker.

可以。我先回應，也很想聽聽 Dave 對這題的看法。我不認為我們的改善代表整體消費需求的普遍穩定。消費者仍承受巨大的壓力，而且已經變得非常精明，是「聰明價值」的尋求者。

And when she shops, she's looking for a good deal, one that we provide. I do think our team took extraordinary efforts in -- towards the -- in the last third -- last month of the first quarter, spent a lot of time together, improving our collaborations. So I think there was some better execution than we've had. And so I think for us, it came to really strong execution. Maybe, Dave, you can talk to some of those specifics?

而當她購物時，她在找的是划算的交易，而這正是我們所提供的。我確實認為，我們的團隊在——第一季最後三分之一——最後一個月，投入了非常大的努力，花了很多時間在一起，改善協作。因此我認為我們的執行力比以往更好。所以對我們而言，我認為這來自非常強的執行。也許 Dave，你可以談談其中一些具體細節？

Yes. Thanks for the question, Seth. It's interesting. I just can't put an emphasis enough on Jonathan's comments around the pressures in the market by the consumer, and we see it every day.

是的。謝謝你的提問，Seth。這很有意思。我再怎麼強調都不為過，Jonathan 提到消費者端對市場造成的壓力，而我們每天都看得到。

We watch our competitive pricing and our competitive KPIs like a hawk and compare them to several of our peers in the industry. And there's been a lot of focus, I'll just put it at that. I won't get into detailed specific product strategies, but I will tell you a lot of focus around the discounting of the right products make a difference. Jonathan?

我們像鷹一樣緊盯我們的競爭性定價與競爭性 KPI，並與產業內幾位同業進行比較。大家確實非常關注，我就先這麼說。我不會深入談具體的產品策略細節，但我可以告訴你，針對正確的產品做折扣，會帶來差異。Jonathan？

Yes, Dave, great color. I think the consumers are going to continue to be under pressure. And I think that's why smart value makes a difference. I think about the looming -- its -- student debt holders have to start repaying of loans that have been on a kind of 24-month hiatus. That will be pressure on the economy.

是的，Dave，這些補充很有幫助。我認為消費者將會持續承受壓力。我也認為這就是為什麼「聰明價值」很重要。我想到一個迫在眉睫的因素——也就是——學生貸款持有人必須開始償還那些已經暫停大約 24 個月的貸款。這會對經濟造成壓力。

I think the Fed seems bound and determined to keep raising the rate. That will be pressure on mortgage rates, which are -- impact our industry. So being able to run a business leanly offer smart value and turn a profit is crucial to getting through whatever canyon of recession or pullback we're in and I think will be in for a while. And that's why we run the business the way we do, profitable, or positive adjusted EBITDA right now.

我認為聯準會似乎鐵了心要持續升息。這會對房貸利率造成壓力，而房貸利率——會影響我們的產業。因此，能夠精實地經營、提供聰明價值並且獲利，對於度過我們正處於、且我認為還會持續一段時間的任何衰退或回檔「峽谷」至關重要。這也是我們以這種方式經營的原因——目前我們是獲利的，或是調整後 EBITDA 為正。

Right. I'd love to follow up on pricing in AOV. AOV was down this quarter. I'm curious, is that related to discounting? Are you actually rolling back prices? And I guess, in general, I'm curious if you could discuss the tools in place today, maybe what's different versus the past to effectively manage pricing and maintain that value proposition in this environment where prices do seem to be coming down across the industry. I assume that's different than the last 2 or 3 years when everything was just going up. So I guess like what's changed in your process and the tools that you have to more effectively manage that value proposition?

好的。我想追問一下 AOV 的定價。這一季 AOV 下滑了。我好奇，這是否與折扣有關？你們是否真的在回調價格？另外，我也想請你們談談目前用來有效管理定價、並在這個全產業價格似乎都在下行的環境中維持價值主張的工具——也許有哪些與過去不同？我想這應該不同於過去 2 到 3 年所有東西都在上漲的情況。所以，我想問的是：你們的流程與工具有哪些改變，讓你們能更有效地管理這個價值主張？

Yes. Adrianne, do you want to make an additional comment on that? And maybe, Dave, you can add to that?

是的。Adrianne，你要不要再補充一下？另外 Dave，你也可以補充。

Sure. Seth, I can kind of discuss the AOV kind of year-over-year, which was, I think, relatively flat, slightly down. I would say there's kind of 3 main things that's attributable to all of which we mentioned in our prepared remarks.

好的。Seth，我可以從 AOV 的年對年來談，基本上我認為相對持平、略微下降。我會說主要有三個因素可以解釋，而這三點我們在事先準備的講稿中都有提到。

Clearly, discounting did increase year-over-year, so that impacted our gross margin and AOV. We did say, kind of in my remarks too, we have seen some trade down. Now for us, that's not a bad thing. We want to make sure that we meet the consumer where they are and the price points they need.

很明顯，年對年來看折扣增加了，因此影響了我們的毛利率與 AOV。我也在我的發言中提到，我們確實看到一些消費者「往下換購」（trade down）。對我們而言，這不是壞事。我們希望確保能在消費者所處的位置與他們需要的價格帶上與他們相遇。

And then third is we have kind of seen some cost deflation. And as we've talked about that, it's really important for us to pass that on to customers so they can realize that smart value tenant. So I would say those are about the 3 things, primary impacts of our AOV year-over-year. Dave?

第三，我們也看到一些成本通縮。正如我們談到的，對我們而言，把這些讓利傳遞給客戶非常重要，讓他們能感受到「聰明價值」這個核心主張。所以我會說，這三點大致就是我們 AOV 年對年變化的主要影響因素。Dave？

Yes. Thanks, Adrianne. In terms of our pricing mechanisms and how that's changed, again, we're asset light. This is not internally built. So we use external resources, who call the different markets with bots to understand where we sit versus our competitors on light products. I won't get more into the details than that other than to say it's just a maniacal focus on being that smart value offering to our customer.

是的。謝謝你，Adrianne。就我們的定價機制以及它如何改變而言，再次強調，我們是輕資產。這不是內部自行開發的。因此我們使用外部資源，透過機器人去掃描不同市場，以了解我們在輕資產商品上相對於競爭對手的位置。除了說我們對於成為客戶的「聰明價值」選擇有近乎偏執的專注之外，我就不再深入細節了。

Thanks, Dave. I understand we got a number of people in the queue and about 15 minutes, so we'll get a little crisper on our answers. I will get crisper on my answers. I know I'm the main offender. Operator?

謝謝，Dave。我了解目前排隊提問的人不少，而且大概剩 15 分鐘，所以我們的回答會更精簡一些。我也會讓我的回答更精簡。我知道我才是主要的「罪魁禍首」。接線員？

Our next question comes from the line of Rick Patel of Raymond James.

下一個問題來自 Raymond James 的 Rick Patel。

Can you talk about the potential to gain share from the developments at Bed Bath & Beyond? Anything you can share about what you could do differently to go after those customers since I think they would also be pretty heavily focused on smart value?

你們能談談從 Bed Bath & Beyond 的變化中取得市占的可能性嗎？你們能分享一下，為了爭取那些客戶，你們可能會做哪些不同的事情嗎？因為我認為那些客戶也會相當重視「聰明價值」。

Yes. Right. Great question. It's -- we operate in a large and fragmented marketplace. So whenever there is white space created by any struggling competitor, we view it as an opportunity to capture market share.

是的。沒錯。好問題。我們所處的是一個龐大且高度分散的市場。因此，只要有任何陷入困境的競爭對手所留下的空白，我們都視為取得市占的機會。

We viewed it that way in the third and fourth quarter. And you saw we got into small appliances in a bigger way and did well there. We are well aware that Bed Bath & Beyond has filed for bankruptcy. And our suppliers are well aware that they've filed for bankruptcy. When Dave was in High Point this week, suppliers that have supplied to Bed & Beyond are looking for expanded distribution channels, even ones that have been with us want to use us more.

我們在第三季與第四季就是這樣看待的。你也看到我們更大幅度地切入小家電，且表現不錯。我們很清楚 Bed Bath & Beyond 已申請破產，而我們的供應商也很清楚他們已申請破產。Dave 這週在 High Point 時，那些曾供貨給 Bed & Beyond 的供應商正在尋找更廣的通路分銷；甚至一些原本就與我們合作的供應商，也希望加大與我們的合作。

So we think there's some real opportunity to take market share, of course with partners. And perhaps, otherwise, but I don't want to comment specifically on the steps we may or may not take to maximize our ability in the situation.

所以我們認為確實有一些取得市占的機會，當然需要與合作夥伴一起推進。也可能還有其他方式，但我不想就我們可能或不可能採取的具體步驟發表評論，以最大化我們在此情境下的能力。

And then a question on gross margin. You had a year-over-year increase despite pretty widespread promotional activity in the marketplace. And you touched on merchandise actions and operating efficiency.

另外一個關於毛利率的問題。儘管市場上促銷活動相當普遍，你們的毛利率仍年對年上升。你們也提到了商品端的措施與營運效率。

Can you provide additional color on those areas that are offsetting the higher discounts? And as a follow-up, I think you touched on gross margins being -- 22% gross margin level being the right level going forward. It did a little bit better in the first quarter, and it would suggest a year-over-year decline as 2023 moves forward. Any thoughts on that would be great.

你們能否就哪些領域在抵銷更高折扣提供更多說明？另外作為追問，我想你們提到未來 22% 的毛利率水準是合理的水準。第一季表現稍微好一些，而這似乎暗示著隨著 2023 年往後走，毛利率會年對年下滑。若能分享一些看法會很有幫助。

Let me comment briefly and then go to Adrianne. We always see 22%-ish. We know there's issues and a little wiggle room. I think one of the reasons we're able to maintain consistent gross margins in a time of inventory glut and liquidation is our asset-light business model. We did not buy and own that inventory that we had to liquidate. And we work closely with our partners to help them move their inventory, that hit our gross margins.

我先簡短回應，然後交給 Adrianne。我們一向把毛利率看在大約 22% 左右。我們知道其中有一些問題，也有一點調整空間。我認為我們能在庫存過剩與清算的時期仍維持穩定毛利率的原因之一，是我們的輕資產商業模式。我們沒有買下並持有那些必須清倉的庫存。我們也與合作夥伴密切合作，協助他們去化庫存，而這會影響到我們的毛利率。

I can't say enough how much I like our asset-light business model, particularly when you're talking about the ability to maintain gross margin. We don't make that inventory buys. And we kind of control that, and we like the number 22%-ish well. Adrianne, Rick asked about promotions and other things, any comment on that piece?

我再怎麼強調都不為過，我非常喜歡我們的輕資產商業模式，特別是在談到維持毛利率能力的時候。我們不做那些庫存採購。我們某種程度上能控制這點，而我們也很喜歡大約 22% 這個數字。Adrianne，Rick 問到促銷與其他因素，你對那部分有什麼補充嗎？

Rick, like you said, we mentioned merchandising actions and operational efficiencies. These kind of happen quarter in, quarter out at different magnitudes, just things like negotiating with partners, things like kind of sponsored product opportunities, customer care efficiencies, warehousing improvements. So we're always looking kind of in those buckets and quarter in, quarter out, trying to improve our results there.

Rick，正如你所說，我們提到了商品端的措施與營運效率。這些事情每一季都會發生，只是幅度不同，例如與合作夥伴談判、贊助商品（sponsored product）的機會、客服效率、倉儲改善等。所以我們一直在這些面向上持續尋找機會，並且每一季都努力改善相關成果。

Our next question comes from the line of Anna Andreeva.

下一個問題來自 Anna Andreeva。

Great. We had a question on OpEx. I guess that's to Adrianne. You guys have managed the P&L very well for a number of quarters now. Expense deleverage widened, though, a little bit in 1Q, on a smaller sales decline.

好的。我們有一個關於營業費用（OpEx） 的問題，我想是問 Adrianne。你們已經連續好幾季把損益表管理得很好。不過在第一季，在銷售下滑幅度較小的情況下，費用去槓桿（deleverage）卻稍微擴大了。

So could you provide some color on how we should think about expenses as we go through the year? Can you still manage dollars down double digits even on top of the pretty significant declines from last year, especially as we lap the back half?

所以你能否提供一些說明，讓我們理解今年接下來該如何看待費用？即使在去年已經大幅下降的基礎上、尤其當我們進入下半年基期變得更具可比性時，你們是否仍能把費用金額以雙位數幅度下降來管理？

And secondly, to Jonathan, apologies if I missed this, is Bitt expected to be speaking at the Investor Day coming up? And just any color on performance there?

第二個問題給 Jonathan，如果我漏聽了先說抱歉：Bitt 是否預期會在即將到來的投資人日發言？以及那邊的表現有沒有任何補充？

Sure. Let me address the second piece first, and then turn it to Adrianne to address the first. Bitt will not be participating in Medici Ventures Day. It's for companies that are listed on the slides that will be there.

好的。我先回答第二部分，然後再請 Adrianne 回答第一部分。Bitt 不會參與 Medici Ventures Day。會出席的是投影片上列出的那些公司。

And Anna, I hope you submit some questions on our Investor Relations website. Do so this week, so we can get it into the -- into head of time. I think it's going to be enlightening day. Just before I turn it to Adrianne on OpEx expenses, can we continue to deleverage down to 0? Of course, not. Of course, not.

Anna，我也希望你能在我們的投資人關係網站提交一些問題。請在本週提交，這樣我們可以提前——提前納入。我認為那會是很有啟發性的一天。在我把 OpEx 費用的問題交給 Adrianne 之前，先說：我們能否持續去槓桿到 0？當然不行。當然不行。

But you've seen as we've come out of the pandemic and the consumer trends have changed and our sales have declined, we've been able, for now 12 consecutive quarters to have positive adjusted EBITDA. We're maniacal about expense control. Now we can't be maniacal down to 0. That's why we're very focused on improving top line sales.

但你們也看到，隨著我們走出疫情、消費者趨勢改變且銷售下滑，我們仍然能夠在連續 12 個季度維持正向的調整後 EBITDA。我們對費用控管非常嚴格。但我們不可能一路嚴格到降到 0。這也是為什麼我們非常專注於提升營收端的銷售。

We like the fact that the trend is reversing. It seems to be -- I mean, like it's still down, I'm first to admit it, but it's getting better, and that's the beginning of the getting effect.

我們喜歡看到這個趨勢正在反轉。看起來是——我的意思是，雖然仍在下滑，我是第一個承認的人，但情況正在改善，而這就是改善效應的開始。

Adrianne, I probably stole your thunder, but if you want to add anything?

Adrianne，我可能搶了你的風頭，但你還想補充什麼嗎？

No. Not at all, Jonathan. I just think, Anna, as we mentioned, kind of that $50 million per quarter is about where we run on average. And I think when you think about our kind of revenue and expense, I don't think the kind of declines, as you mentioned, will match, right? Just because as Jonathan mentioned, we can't go down so far on that fixed base cost.

不，一點也不，Jonathan。我只是想說，Anna，正如我們提到的，我們平均每季大約就是以 5,000 萬美元的水準在運作。而且當你思考我們的營收與費用時，我不認為你提到的那種下滑幅度會對應匹配，對吧？因為如 Jonathan 所說，我們在那個固定基礎成本上不可能再降太多。

But we're always looking for efficiencies and ways to make that number as small and efficient as possible while delivering a profit.

但我們一直在尋找效率與方法，讓這個數字在交付獲利的同時，盡可能小、盡可能有效率。

I will say, Adrianne has done a very nice job in managing expenses. The extra expenses we've been able to wring out of the rag quarter after quarter. This is a team that knows how to run efficiently and Adrianne is helping us do that even better.

我想說，Adrianne 在費用管理上做得非常好。我們能夠一季又一季把額外費用擠出來。這是一個知道如何高效率運作的團隊，而 Adrianne 正在幫助我們把這件事做得更好。

Our next question comes from the line of Curtis Nagle of BofA.

我們的下一個問題來自美銀（BofA）的 Curtis Nagle。

Great. Just a quick one on EBITDA. Jonathan, I appreciate the color for the rest of the year. Just parsing a little bit more. I think on the prior call, you had mentioned that not every quarter would be profitable. Should we now expect that -- so we've got 2Q profitable, same for 3Q and 4Q? Or is there some potential variability there?

很好。關於 EBITDA 我只有一個簡短問題。Jonathan，感謝你對今年剩餘時間的補充說明。我想再拆解一下。我記得在上一通電話會議中，你提到不是每一季都會獲利。那我們現在是否應該預期——也就是說，我們已經有 2Q 獲利，那 3Q 和 4Q 也會一樣嗎？還是其中仍可能有一些波動？

Curtis, you do well to remember my words from February. Good for you. Glad someone is listening. Look, we're pretty clear. We expect to have a positive adjusted EBITDA in the second quarter, and we expect to have for the year. And I talked about a tale of 2 halves, with the first half being probably the hardest out of the year.

Curtis，你很厲害，還記得我二月說的話。做得好。很高興有人在聽。你看，我們講得很清楚：我們預期第二季調整後 EBITDA 會是正的，也預期全年會是正的。我也談到「上下半年兩個故事」，其中上半年可能是全年最艱難的。

So that -- take that it for what it's worth, but we feel like we -- I can think of a word in Japanese, but I can't think of in English. We feel like we kind of kept going through Q1, did it well, eked out a $3 million adjusted EBITDA and Q2 is generally bigger than Q1 on the revenue side. So here we are.

所以——你就自行解讀吧，但我們覺得我們——我腦中想到一個日文詞，但想不起英文怎麼說。我們覺得我們算是一路撐過第一季，而且做得不錯，勉強擠出 300 萬美元的調整後 EBITDA；而第二季在營收端通常會比第一季更大。所以我們就走到這裡了。

Okay. Fair enough. And I guess just sticking on the topic in terms of sales progression and, like you said, a tale of 2 halves, 2Q -- it should be better. In terms of just, I guess, ranking sort of what the most important drivers would be, I would assume, just compares to some degree, more inventory, marketing, all that, how does the macro or just guess consumer fit into that?

好，可以理解。那我想就延續這個話題，關於銷售的進展，以及你說的「上下半年兩個故事」，2Q 應該會更好。就重要驅動因素的排序來看，我猜應該某種程度上是比較基期、更多庫存、行銷等等；那總體環境或消費者因素在其中扮演什麼角色？

So the growth drivers are on that flywheel slide we show. They haven't changed. There's -- those are the things going to drive our business. And they're pretty standard, running the business the way we're supposed to run. The macro will impact. The macro has impacted it.

成長驅動因素就在我們展示的那張飛輪投影片上。它們沒有改變。那些——就是會驅動我們業務的事情，而且相當標準，就是把公司用我們應該的方式經營好。總體環境會影響，而且總體環境也確實已經影響了。

I mean in the last 2 years is -- people's sentiments have changed. Folks aren't buying as much patio furniture when they're spending hundreds of thousands of dollars to go to Taylor Swift. It's just people are doing different things today than they were doing during the pandemic.

我的意思是，過去兩年——人們的情緒已經改變。當大家花數十萬美元去看 Taylor Swift 的時候，就不會買那麼多庭院家具。只是人們今天做的事情，跟疫情期間做的事情不一樣了。

As I mentioned, if the Fed continues to raise rates and mortgage rates go up, that's hard. So macro is what makes us the most cautious. We control the controllables really well. It's the bigger environment that we react to, and we think our asset-light business model means we're fairly nimble reactors and do so better than others. I hope that answers the question. We'll take one more, operator. I know we're coming up on the bottom of the hour.

如我提到的，如果聯準會持續升息、房貸利率上升，那就很艱難。所以總體環境是讓我們最謹慎的因素。我們把可控的事情控制得很好；至於更大的環境，我們就必須去因應。我們認為我們的輕資產商業模式讓我們反應相當靈活，並且能比其他人做得更好。希望這回答了你的問題。接線員，我們再接最後一題。我知道快到半點了。

Our last question will be coming from the line of Peter Keith of Piper Sandler.

我們最後一個問題來自 Piper Sandler 的 Peter Keith。

Jonathan, for what's it worth, I'd rather buy patio furniture than go see Taylor Swift. But...

Jonathan，說真的，我寧可買庭院家具也不想去看 Taylor Swift。不過……

You and me, both. You and me, both. That's good.

你和我一樣。你和我一樣。很好。

The one thing I wanted to ask, we get a question a lot about the cash position. So any evolution your thinking around capital allocation? You've got 40% of the market cap in cash, stock price below $20. But industry backup stuff, so what are you guys thinking here?

我想問的一件事是，我們常被問到現金部位。所以你們對資本配置的想法有沒有什麼演變？你們的現金相當於市值的 40%，股價低於 20 美元。但產業有一些逆風，所以你們現在在想什麼？

Well, I won't comment -- my comment on 40% of the market cap in cash makes me like our market cap is too low. That would be my first comment there. We think, in difficult economic times, the term we try and use internally is fortress balance sheet.

嗯，我不會評論——你提到「現金占市值 40%」這件事，讓我覺得我們的市值太低了。這會是我第一個評論。我們認為，在艱難的經濟時期，我們內部試著用的詞是「堡壘式資產負債表」。

We think it's important to have cash. We think opportunities are and will arise, and it lets us look at things in a way that our competitors can't or may not be able to. And so although we did not buy stock back in the first quarter, we think having a little bit of extra cash, given the current environment, is right.

我們認為持有現金很重要。我們認為機會正在出現、也將會出現，而這讓我們能以競爭對手無法、或可能無法的方式來看待事情。因此，雖然我們在第一季沒有回購股票，但我們認為在目前環境下，多留一些現金是正確的。

We'll continue to look at M&A. We look at it really carefully. It's -- I think the worst thing a company can do is done M&A because you get excited about a deal. We're going to do something that enhances our home brand, is consistent with our asset-light business model. Something that moves us forward even with all the difficult synergies or putting things together that M&A involved.

我們會持續評估併購（M&A）。我們看得非常謹慎。我認為公司能做的最糟糕的事，就是因為對一筆交易感到興奮就去做併購。我們要做的是能強化我們的家居品牌、且符合我們輕資產商業模式的事情；即使併購涉及各種艱難的協同效應或整合工作，也要能推動我們向前。

So I know we've got more cash than maybe 40%, the margin cash, probably a ratio -- most people think it's too much. But we think it's -- rather have it than not have, I guess that's what I'd say, Peter.

所以我知道，我們的現金可能比 40% 還多；以邊際現金來看，可能是一個——多數人會覺得太多的比例。但我想我們的看法是——寧可有也不要沒有吧，Peter，我大概會這麼說。

All right. Well, everyone, thank you for joining our call. Even in a tough macro and industry environment, I'm bullish on the Overstock business. We're arresting our top line slide. We live by our profitability tenet, and these allow us to maintain our strong balance sheet, is that last question you want to. Thank you for participating in today's call. We appreciate your interest in and ownership of Overstock.

好。各位，感謝加入我們的電話會議。即使在艱難的總體與產業環境下，我仍然看好 Overstock 的業務。我們正在遏止營收端的下滑。我們以獲利原則為依歸，而這些讓我們能維持強健的資產負債表——這也是你剛才最後一題想問的。感謝各位參與今天的電話會議。我們感謝你們對 Overstock 的關注與持股。

We're going to keep doing the best we can to make that a good investment for everybody. Thanks.

我們會持續盡最大努力，讓這對每個人而言都是一項好的投資。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。